Crypto assets may force central banks into policy synchronisation

synchronised swimmers

Economists have found a new way in which central banks’ “trilemma” may become a dilemma, as crypto assets harm monetary policy independence.

This could trigger competitive devaluation by central banks and undermine the value of traditional currency, they warn.

At the National Bank of Austria’s digital currency conference in October, Pierpaolo Benigno, Linda Schilling and Harald Uhlig set out their ideas on ‘crypto-enforced monetary policy synchronisation’.

Within their paper, the economists

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